Cicada Overseas Property - Has Anyone Tried?

jumperabv3

Has anyone tried to invest with this company? They say they do foreclosures deals in the USA. Has anyone tried them or do you have any opinion about them?

http://www.cicadaoverseasproperty.co.uk/

jumperabv3

Jonbvn wrote: »

Do you see any FSA registration?

Jonbvn,

I have a question for you (or for anyone else who can contribute).
I spoke to someone who as far as I know knows about the FSA Regulation and he told me that such companies DO NOT need to be regulated by the FSA, i.e. the FSA has nothing to regulate here.

Is this true? In that case then if there isn't any requirement or need for the FSA regulation then you might look at it from a different perspective, isn't it?

jumperabv3

Property investors aren't regulated by the FSA.
FSA doesn't deal with property investors.

I just called the FSA and they told me that over the phone.
So I think jon, what you said isn't a claim to say they need to be regulated by the FSA because the FSA doesn't regulate property sales, you can call them and verify it yourself.

jimjames

jumperabv3 wrote: »

Property investors aren't regulated by the FSA.
FSA doesn't deal with property investors.

I just called the FSA and they told me that over the phone.
So I think jon, what you said isn't a claim to say they need to be regulated by the FSA because the FSA doesn't regulate property sales, you can call them and verify it yourself.

Thats ok then, feel free to hand over cash. How much do you know about buying property in the US?

They claim to be an investment company "Cicada Overseas Property is a division of Cicada Investments Limited."

So I assume that Cicada Investments Limited are registered with the FSA then?

Their website says "Further details can be found on the pages of this website." Yet the website only has 2 pages, the homepage and contact us?

Do they exist at this address? 4 Royal Mint Court London, EC3N 4HJ

Companies House show the following details for them
CICADA INVESTMENTS LIMITED
1ST FLOOR HONOURS BUILDING,
AKEMAN BUSINESS PARK AKEMAN STREET
TRING
HERTS
HP23 6AF
Company No. 06733833

and that they were previously called CICADA LAND INVESTMENTS LIMITED
The website for Cicada Overseas Property is a bit out of date (approx 2 years?) as it is still using their old name. Not really a good sign.

Cicada Overseas Property is a subsidiary of Cicada Land Investments Ltd.
Cicada Land Investments - Registered in England and Wales No. 06733833

[TEXT DELETED BY FORUM TEAM]

Cook_County

There are dozens of similar companies all promising fantastic returns; [TEXT DELETED BY FORUM TEAM]
Caveat emptor

Reaper

I'm surprised to see you posting on the subject Jonbvn. A few days ago I got a warning from MSE and the threat of suspension just for posting a link concerning this company. Your posts in that same thread (now deleted) were much more explicit along the lines of your posts here. Did you not get MSE warnings too?

I'm therefore not going to say anything on the subject as to whether it's a good deal or not, the OP will have to make their own mind up.

Reaper

Jonbvn wrote: »

Reaper,

I have not posted any links concerning this company??? I think you may have the wrong poster.

I posted the link in a previous thread, but you also posted in that thread. I have sent you a PM to explain.

jumperabv3

Reaper wrote: »

A few days ago I got a warning from MSE and the threat of suspension just for posting a link concerning this company.

Due to the fact they did so I am sending you a PM if it's okay with you to ask a question in private. I hope it's okay with you.

jumperabv3

jimjames wrote: »

Do they exist at this address? 4 Royal Mint Court London, EC3N 4HJ

Companies House show the following details for them
CICADA INVESTMENTS LIMITED
1ST FLOOR HONOURS BUILDING,
AKEMAN BUSINESS PARK AKEMAN STREET
TRING
HERTS
HP23 6AF
Company No. 06733833

I've googled "Royal Mint Court London" and found this:

http://www.easyoffices.com/serviced-offices/uk/London/Royal-Mint-Court/2789

It looks like you can rent an office at this address for your business...

jimjames

Unlike some scams that use fake company details it appears that this is a genuine UK company.

However as well as the post from Rollinghome I would caution anyone considering it to think of the following:

1) [TEXT DELETED BY FORUM TEAM]

2) Just because something is a low price doesn't make it cheap. If you buy a property and it has no resale value or no buyers, is it actually a bargain at any price?

3) [TEXT DELETED BY FORUM TEAM]

4) If these were such a great deal wouldn't US investors be buying them?

5) What is the legal status of the purchase? Who holds the deeds? Who is paid the money for the purchase? If not FSA regulated then what risk is there.
Remember Crown Currency dealers, which was also a legitimate UK company not regulated by the FSA.

6) How much commission do Cicada make on the sale? They are UK based but the sales are in the USA. That just seems an added complication and additional cost.

If you really want to buy why not go direct for $8000.

http://www.realtor.com/realestateandhomes-detail/8135-Smart-Street_Detroit_MI_48210_M30377-08981?ex=MI520546609

The_Deep

They have just cold-called me from number 02072204442 despite the fact that I am registered with the TPS. They made some jaw dropping claims about returns on investment, three year guaranteed rentals at 15%. Said that they would send me a brochure, suggested an alternative place for them to put it.